Income Tax - Author in this article discusses a recent judgement of Mumbai tribunal dealing with question as to whether it is possible that an assessee pays taxes in UK to the UK ex-chequer and claims refund in India from Indian Ex-chequer. The real tussle is interpretation is application of principles laid down in the case of Wipro Ltd ...
Read MoreIncome Tax - Objective Part – 1 – Impact on domestic trade The Author, in this article, discusses the impact of recent decision of Supreme Court [SC] in the case of Engineering Analysis on domestic laws and concludes that equalisation levy will be payable on import of computer software provided the conditions are fulfilled and some impact due [&he...
Read MoreIncome Tax - While the author had almost finalised the article, Notification No. 27/2021 dated 27-Feb-2021 the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Ordinance, 2020 which was promulgated on 5-Jun-2020 [while later become Act] has extended date of completion of assessment for AY 2018-19 from 31-March-2021 to 29-30-Jun...
Read MoreIncome Tax - Author in this article discusses the recent judgement relating to contempt of court against Adv. Prashant Bhushanand the relatively less discussed related aspect namely freedom [or absence thereof] of expression to judges....
Read MoreIncome Tax - Objective The Author in this article, discusses inheritance tax being the tool to tide over the covid-19 phenomenon Background a) In view of the outbreak of Covid-19, various state Governments are struggling to even pay salaries of their staff. Central Government is no exception for the same. It is a consequence of multiple things which [...
Read MoreCIT Vs. M/s Modipon Ltd. (Supreme Court of India) - The decision relates to deductibility of excise duty u/s 43B of the Income Tax Act, 1961. Section 43-B requires cumulative existence of following; The deduction claimed by the Assessee must be otherwise allowable under the other provisions of the Act....
Read MoreMayurbhai Mangaldas Patel Vs. Income Tax Officer (ITAT Ahemdabad) - Background It is a matter relating to validity of re-opening of assessment on a technical ground in the case of Mayurbhai Mangaldas Patel v ITO. The learned Ahemdabad ITAT Bench has noted all the facts and circumstances of the case and the law as applicable in very clear manner. It has kept some iss...
Read MoreABB FZ - LLC, Bangalore Vs. Dy.DIT, Bangalore (ITAT Bangalore) - A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....
Read MoreGajanan Constructions, Prop. Gorakhnath Katkar v DCIT, CPC (TDS) [ITAT Pune] - The power to charge fees under the provisions of section 234E of the Act while processing the TDS statements, was dwelled upon by the Legislature by way of insertion of clause (c) to section 200A(1) of the Act by the Finance Act, 2015 w.e.f. 01.06.2015. Accordingly, we hold that where the Assessing ...
Read MoreInstrumentarium Corporation Limited, Finland Vs. Assistant Director of Income Tax International Taxation (ITAT Kolkata) - The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s. Datex-Ohmeda (India) Pvt. ...
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